Why is Nidhi Granites falling/rising?

As of 26-Aug, Nidhi Granites Ltd's stock price is rising, currently at 294.75, reflecting an increase of 5.75 or 1.99%. The stock has reached a new 52-week high today and has shown strong performance, gaining 16.96% over the last eight days. It has outperformed its sector by 3.93% today and is trading above all key moving averages, indicating positive momentum. The company has demonstrated impressive growth, with net sales increasing by 89.03% and a significant rise in operating profit. However, there are concerns regarding the high valuation and the proportion of pledged promoter shares, which could pose risks in a declining market.
In the broader market context, Nidhi Granites has significantly outperformed the benchmark Sensex, with a 10.31% gain over the past week compared to a decline of 1.05% for the index. Over the last month, the stock has increased by 33.37%, while the Sensex has fallen by 0.83%. This strong relative performance highlights the company's robust fundamentals and market position, despite the risks associated with its high valuation and pledged shares. Overall, the stock's upward movement is supported by solid financial results and market confidence, even as it faces potential headwinds.